Banking In Italy

Italy has a traditionally localised system of banking system and small popular banks account for 40% of the banking market. This is set to change while the government is encouraging banks to almalgamate and create larger, modern institutions. In August 2006, two of Italy’s medium sized banks, Banca Intesa and Sanpaolo, announced a merger and the resulting institution could easily become the Euro zone’s fourth largest bank (Financial Times - 28 August 2006).

The best rate of exchange you will get in Italy is from the banks. However, the easiest way of making transactions is probably by using credit or debit cards. These, together with your personal identification number (PIN), give you access to cash dispensers (or Bancomat in Italian). All major cards are accepted and ATMs to be found all over Italy, even in small towns. Cards can also be used for cash advances over the counter in banks and for payment in most hotels, restaurants, petrol stations and some shops. For all these transactions you will pay a fee of 1.5%.

You will usually, though not always, pay a small commission when you exchange money using travellers' cheques - around 1% of the amount changed. It is worth knowing that Thomas Cook offices do not charge for cashing their own cheques, while American Express offices do not make any charge for cheques.

Opening a Bank Account in Italy

We always advise you to check charges and rates before opening a bank account in any country.

To open a bank account in Italy you must be aged at least 18 and provide proof of identity, for example a passport and your address in Italy (a utility bill is usually enough).

If you are a non-resident, you may only open a non-resident account (conto estero). Only foreign currency or imported euros can be paid into this type of account, which pays higher interest rates than resident accounts.

A Bank Deposit Insurance Fund (Fondo Interbancario di Tutela dei Depositi) covers most deposits in Italian banks guaranteeing the safety of your money.

Many of the smaller banks have Internet banking facilities and the larger banks are very aware of the benefits of e-commerce.

Banking Hours

Banking hours are normally Monday to Friday mornings from 8.30 hrs – 13.00 hrs and for an hour in the afternoon (usually 15.00 – 16.00 hrs).

There are local variations on this and banks are usually open only in the morning on the day before a public holiday.

Banks in Italy

The following is a list of some of the banks available in Italy.

National Banking Chains:
- Banca Nazionale del Lavoro
- Crédito Italiano
- Cassa di Risparmio
- Banca Intesa
- Sanpaolo
- Unicredito Italiano
Regional Banking Chains:
- Banca di Roma
- Banco di Napoli
- Banco di Sicilia
International Banking Chains:
- Chase
- Citibank
- Bank of America
- HSBC